Oil prices tumbled below the $100 mark last week as the rising recession worries raised concerns about lower demand for petroleum products. Moreover, Ritterbusch and Associates attributed the move to “tightness in global oil balances increasingly being countered by strong likelihood of recession that has begun to curtail oil demand.”
Moreover, gas prices declined to $4.78 per gallon last Wednesday, down 24 cents from its highest-ever level of $5.016 in June, while oil prices plunged 2% to a 12-week low. Energy prices could remain volatile amid the Fed’s tightening monetary policies and the rising recession concerns.
